“The growth of the equity release market is almost guaranteed by a number of strong market drivers, such as population growth, house price rises and changes in retirement preparation. However, consumers remain suspicious of the industry and there is work to be done to ensure that those who need help with retirement financing understand the market and how it can help them.”– Deborah Osguthorpe, Head of UK Financial Services Research

This report discusses the following key topics:

Image and reputation continues to affect the equity release industry

Debt levels amongst over-45s are expected to rise

Referrals are becoming key to the sales process

This Report considers the factors and trends that are helping to drive demand for equity release. The Report draws on industry research to evaluate recent sales performance, as well as the results of an independently commissioned consumer survey. Mintel’s survey examines the consideration of equity release products among the retired population, as well as those approaching retirement. It also looks at attitudes towards the product, expected financial positions in retirement, as well as the growing issue of debt in retirement.

For the purposes of this Report, Mintel has used the following definitions:

Equity release is a way of accessing the wealth tied up in a property without the need to move. With equity release, homeowners can either borrow against the value of their home (a lifetime mortgage) or sell all or part of it (using a home reversion plan) in return for a regular monthly income, a lump sum, or the facility to get at equity as and when they like (drawdown) or a combination of these options.

To be eligible for equity release, homeowners must meet the following criteria:

Be aged 55 or over (or 60+ for home reversion plans); for joint plans the youngest borrower must be at least 55

Own their property outright, or in some instances, have a very small outstanding mortgage

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